European Central Bank
March 7th, 2013
Earlier this week the European Commission called on Spain to limit the application of the reduced VAT rate and raise fuel taxes in order to reduce the deficit, in addition to continuing with the labour and pensions reforms, delaying the effective retirement age. These demands collide with the ideas defended ...
Continue reading Brussels Calls for More VAT Increases and Continued Reforms
February 28th, 2013
The Spanish Economy Minister, Luis de Guindos, has reiterated the Government's intention to cut taxes in 2014, combining efforts to reduce the deficit with measures to boost growth and get Spain out of recession. In an interview with Reuters earlier this week, De Guindos said that the Stability and Growth program ...
Continue reading Government to Lower Taxes in 2014, Says Economy Minister
February 21st, 2013
The President of the European Central Bank, Mario Draghi, said on Monday, before the European Parliament, that economic weakness will prevail in the eurozone in early 2013, but that he foresees a gradual recovery throughout the year. During his speech, Draghi warned that any relaxation of fiscal adjustments would jeopardise economic ...
Continue reading Draghi Insists Eurozone will see Gradual Recovery During 2013
February 13th, 2013
Vice President of the European Commission (EC) and head of Economic Affairs, Olli Rehn, said this week that Spain "must maintain the momentum" of the reforms undertaken in the economy in order to achieve stability and growth. In a press conference at the end of the Eurogroup meeting in Brussels, when ...
Continue reading Spain Must Maintain Momentum of Reforms, Says Rehn
February 11th, 2013
The European Commission and the European Central Bank (ECB) ruled last week that the financial reforms undertaken by Spain in exchange for the 40,000 billion euros bailout granted by the Eurogroup are maintaining a "good pace", but have called on the Government for "more progress" on fiscal consolidation and structural ...
Continue reading Brussels and ECB Call for “More Progress” on Fiscal Adjustment
January 1st, 2013
Following the Spanish Government’s last Council of Ministers meeting of 2012, Prime Minister Mariano Rajoy took stock of his first year in Government, saying "we must persevere in the reforms we have undertaken", and asked for "comprehension and solidarity" from citizens in order to overcome the economic situation, and stressed ...
Continue reading Rajoy Optimistic Over Spain’s Future
December 28th, 2012
The twelve months Euribor, the indicator used to calculate mortgages, is expected to close 2012 at a record low, with an average rate of around 0.550%, the lowest in its ten year history. Although a couple of trading days remain, if the data is confirmed at the end of December, the ...
Continue reading Euribor Set to End Year Three Times Lower Than 2011
December 19th, 2012
Economy and Finance Ministers of the European Union on Thursday reached agreement on the legal framework which will enable Europe to create a single banking supervisor to begin operating in 2014. Under the agreed terms, Germany has had its wish in that the European Central Bank (ECB) will only control ...
Continue reading EU Reaches Agreement on Single Banking Supervisor
December 12th, 2012
The Minister of Economy and Competitiveness, Luis de Guindos, has said that the Spanish economy will end this year better than initially predicted, as the contraction of the GDP will be around 1.3% or 1.4%, compared to the 1.5% calculated by the Government. In an interview with RNE (Spanish National Radio), ...
Continue reading 2012 GDP Will Fall Less Than Expected, Says De Guindos
December 4th, 2012
The President of the European Central Bank (ECB), Mario Draghi, said on Friday that the eurozone crisis is not yet over and that it will be late next year until the EU economy begins to show signs of improvement. Draghi said "short-term fiscal consolidation is inevitable" but stressed that “economic recovery ...
Continue reading Draghi Sees Economic Recovery in Late 2013
December 3rd, 2012
The twelve-month Euribor, which is the indicator used in Spain to set the price of mortgages, closed November at a record low of 0.588%, which represents a decrease of 71% in a year, and will mean families, whose mortgages are due for review in December, could see their payments reduce ...
Continue reading Euribor Closes November at Record Low
November 12th, 2012
The European Central Bank (ECB) President, Mario Draghi, announced on Thursday that the entity is to introduce a new 5 euro note from May 2013, to be followed later with new notes in the other denominations. In a press conference after the meeting of the governing council, Draghi said the ...
Continue reading ECB to Introduce New Five Euro Note
September 11th, 2012
In an interview published in the Italian newspaper Il Sole 24 Ore on Sunday, the financial vice-president of the European Commission (EC), Olli Rehn, said that it will not be necessary to review the projected deficit targets for Spain, as the country "will manage to fulfill them". The European ...
Continue reading Not Necessary to Review Spain’s Deficit Objectives, Says Rehn
August 30th, 2012
The President of the Government, Mariano Rajoy, met at Moncloa Palace with the President of the European Council, Herman Van Rompuy, to analyse the situation of the European Union and the Eurozone, as well as the measures that the Spanish Government has implemented to reduce the public deficit and meet ...
Continue reading “No going back on the Euro or European integration”, says Rajoy
August 14th, 2012
The European Commission has said it is "good news" that Spain has not applied for the first tranche of the bank bailout agreed in July, and made it clear that "the plan has always been" to disburse aid in October, "if all goes as planned." The Memorandum of Understanding (MoU), which ...
Continue reading Spain has not yet asked for aid, says European Commission
